K Raheja Corp considers itself a company that has been the path breaker in several sectors of realty development and as per Vinod Rohira’s Managing Director Commercial Real Estate & REIT, the trend continues in the luxury residential offering Vivarea.
K Raheja as a company has been viewed as a trendsetter as we were the earliest real-estate developers in the country to introduce group residential developments catering to large communities. We introduced housing complexes with 15-20 storey buildings which were unheard of at that time. In the retail segment, the company was the first to start with large sized formats like Shopper’s Stop and for our commercial offerings, we were probably the first in the realty sector to brand the commercial products such as the Mindspace and Commerzone. Fortunately, our reading of the market and the future business prospects has proven to be correct.
K Raheja Corp biggest strength has been the transparency in its relationship with its partners, be it customers, contractors or retailers. As a company, we have been ahead of the curve whether in terms of construction quality, technology or best practices like safety for workers at sites.
What would you define luxury at the residential offering Vivarea?
Luxury living is about creating opulent spaces that provide comfort. The name Vivarea is an amalgam of the Spanish word ‘viva’ meaning forever which represents its timeless design and the Greek word ‘rea’ which means strength, denoting its quality and durability. .
The project is a ‘by-invite-only’ residential offering. It comprises five ultra-luxurious towers among 14 acres of land overlooking the Mahalaxmi Race Course with views of the Mumbai skyline and the Arabian Sea. The three towers of the Vivarea are already home to around 250 families and the fourth of the five towers is expected to be ready by January 2018, ahead of schedule. .
Vivarea has all conveniences and amenities integrated into the project and offers recreational space for all age groups. It has eight acres of manicured gardens, water cascades and lush open spaces. Other high-end amenities include temperature controlled pool, paved jogging tracks, a fully equipped sports arena, a spa &gymnasium, a library and an ultra-modern auditorium with 4K technology.
In addition, the project has created exclusive facilities for senior residents in the form of a dedicated green walkway and a senior citizens’ corner. Kids have access to an exclusive play area and the child-friendly layout of the project ensures that there is no vehicular movement at the podium. There are separate vehicular entrances for residents and visitors, and Vivarea has a two-level car parking that is spread over 600,000 square feet.
Each apartment comes with health and safety measures, security, firefighting services wired up to the central BMS system, and 24 hours supply of hot water. The high-end water purifying system ensures safe drinking water reaching the kitchens directly through the taps. Each of the 3, 4 and 6 BHK duplex apartments has VRF air-conditioned systems that are green compliant.
Vivarea is the first residential tower in South Mumbai to be awarded the Gold Green Home certification and sees practices such as solid waste management, rainwater harvesting, energy conservation and central water heating facility, water filtration plant and vermi-culture.
What are the other projects being undertaken?
The company has the residential and the commercial portfolio with the markets clearly being the West and South of India. Mindspace and Commerzone, business parks are self-sufficient ecosystems with integrated new-age workspaces, residential towers, multiple entertainment facilities, retail destinations, restaurants and hotels.Mindspaces across Mumbai Metropolitan Region are located in Malad and Navi Mumbai and in Hyderabad. Commerzone is in Pune and will be coming up shortly in other newer markets. On the residential front, there is Vivarea in Mumbai, Viva –the luxurious villas with private lawns in Piragut in Pune and another residential offering christened Vistas in Mumbai, Pune and Hyderabad.
Company’s journey till now and growth plans
K Raheja Corp core business is commercial and residential construction and it has diversified into natural offshoots of real estate viz. hospitality, retail and retail development. Company’s primary focus has been commercial and Mindspace is a brand we created in the very early days. In residential construction business, self-contained townships were pioneered by the company. For the hospitality business, the latest addition is the JW Marriott – Sahar, in Mumbai.
Under the retail business, the departmental store format ‘Shoppers Stop,’ started 20 years ago is growing across the country. The company also acquired bookstore chain Crossword, followed by the launch of the Hypercity brand. The fourth vertical which we expanded into was the shopping centers with the Inorbit Mall brand, which today has grown into a mall network across the country.Our focus is to continue to build projects where we can bring long-term value whether it is in luxury real estate or commercial assets.